GOP leaders reach deal to cut corporate rate to 21%, lower top individual rate to 37%

LA Times ^ | December 13, 2017 | Lisa Mascaro

[C19fan]

GOP leaders on Wednesday agreed on a final tax cut plan that would lower the corporate rate to 21% and drop the top individual rate to 37%, according to a Republican source briefed on the deal. Earlier House and Senate versions of the measure would have lowered the corporate rate to 20%, but in reconciling the two plans, leaders needed to nudge up the corporate rate in order to pay for benefits elsewhere.

[C19fan]

No mention of SALT. For people who say how high US corporate taxes are despite effective tax rates, thanks to tax loopholes and carve outs, comparable to the other developed countries, we do not have a VAT those countries do.

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[C19fan]

Another source says $10 K limit for SALT incl property taxes.

[Red Steel]

The modest drop in the top marginal rates is better than nothing.

[C19fan]

A lot of rich people are going to re-organize as pass through entities.

[Lurkinanloomin]

Illegal aliens still get their checks.

[NYFreedom]

To be fair 10k isn’t gonna do much for anyone, and I say that as a New Yorker. I also say it as someone whose new standard deduction is a wash with my itemizations. So, I’m not upset or taken aback per say, it’s just not going to help much, if at all.

[Architect of Avalon]

They really need to publicize the working details now, including corporate, passthrough, individual, deductions, and credits.

[JME_FAN]

“... but in reconciling the two plans, leaders needed to nudge up the corporate rate in order to pay for benefits elsewhere.”

Translation: to allow illegal alien Mexitrash, and other South-of-the-border chum-suckers, to collect more of American tax dollars, via their “child tax credit scam.”

[NYFreedom]

You need to pass the bill to find out what is in it.

[ConservativeMind]

Canada, Japan, Mexico, New Zealand and others do not have VATs.

http://www.uscib.org/valueadded-taxes-vat-ud-1676/

[NativeSon]

My Family will most likely take a hit from the changes at least in the near future.

I was speaking to my brother about this and I see it (tax reform law) as a way to reset the baseline for state taxes and expenditures.

States with high taxes and especially their high-cost of living cities are being subsidized by federal income taxes. The denizens of liberal meccas do not feel the brunt of the government's largess.

Those same cities wield enormous power in elections, swaying entire states. The state legislatures promise more free stuff to stay in power, raise taxes to pay for it (humor me) and those paying taxes deduct them from their federal tax bills.

No matter where you live, if you pay federal taxes, you are directly subsidizing those liberal cities and their denizens (including their mortgages & property taxes).

[MeanWestTexan]

Which is absurd.

As I posted yesterday, the taxes on my house (not my ranch) in rural West Texas are $19,000 due to the absurd “robin hood” tax system where school taxes in per capita wealthy areas are siphoned off to schools in big cities.

[SoFloFreeper]

I will take this for a start before we get rid of RINOs.

[arthurus]

No rate should be more than 10% or less than 8%.

[Architect of Avalon]

That approach, regrettably, is taken by both parties.

It’s like being presented with a business contract and being expected to sign it without sufficient time to review the details.

I want it way ahead of time.

[Basket_of_Deplorables]

Winning!!!
MAGA!!!!!

[nesnah]

All the talk about “tax cuts” is nothing but hot air, and is a discussion all politicians love to have. It’s their plum to pit one class against another, and they’ll sweep a few crumbs off the table to keep us from rioting.

They real discussion, the one they’re desperately afraid to engage in, is real spending cuts. Cut spending and taxes will take care of themselves.

[bassmaner]

in order to pay for benefits elsewhere.

Hey LAT: ever hear of the Laffer Curve?

Every time I read this 'pay for' crap from MSM economic illiterates my blood pressure rises another point!

Sorry, LAT: cutting people's taxes is not a COST. It's OUR money, not the friggin' government's!

[willk]

“would allow individuals to choose whether to deduct up to $10,000 in income, sales or property taxes”

So does that mean you can deduct say $5000 in state income taxes and $5000 in property taxes or can you only choose one? That would make a big difference to the middle class.